Europe closes higher after UK's tax cut reversal
Major European stock exchanges closed the trading session on Tuesday higher as the equities were seemingly pulled up by the government's decision to reverse the controversial tax measures in the United Kingdom.
In addition, the European Commission proposed different approaches to address the raging energy crisis in the region using tools directly aimed at pooling energy demand at the European level. Meanwhile, the latest reading of the economic sentiment in Germany indicated a slight recovery in October, exceeding market expectations.
Frankfurt's DAX surged by 1.14% or 144 points, as HeidelbergCement jumped by 3.82%. The CAC 40 rose by 0.64% with Alstom SA soaring by 4.28%. London's FTSE 100 gained 0.32%, as the Smurfit Kappa Group Plc pulled the index up by 6.36%.
The euro dropped 0.17% against the dollar, going for $0.98269 at 5:27 pm CET. At the same time, the pound sterling slipped against the American dollar by 0.59%, to change hands to $1.12891.